Absolutely the correct call.
Runner loses possession of the ball at approximately the 2 yard line, and doesn't survive the ground with control of the ball (as explained by APG).
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The only thing he didn't do was maintain possession after contacting the ground.
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And that's why it's a touchback rather than a touchdown.
Ball-buster of a play for the covering official, but that's why replay's there.
"most people" might not see it that way, but "most people" have no clue what the rules are.